Aluminum prices on Tuesday updated the maximum in almost 3.5 years.
The price of three-month aluminum futures on the LME increased by 0.6% to 18:40 CZK and amounted to $ 2,893.5 per ton, and during the session reached a maximum of $ 2,900.3 per ton since May 2022.
Prices are rising against the background of limited supply in the short term and positive demand forecasts in the long term, Trading Economics notes.
China, one of the leading aluminum producers, has confirmed its intention to prevent overproduction in an industry where fierce competition has contributed to lower producer prices.
The limit on aluminum production in the country is 45 million tons per year, and it is expected to be exceeded this year.
Supply pressure is also causing problems at key plants, including the suspension of one of the two electrolysis batches.
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